Sell a bad Apple? Think again

Valuation for Apple a unique thing: Analyst

Apple shares were higher Wednesday afternoon, attempting to avoid a sixth-straight day of losses despite being downgraded by analysts at Bank of America Merrill Lynch.

However, even that downgrade concedes "valuation metrics remain compelling for Apple," a point that investors shouldn't overlook according to Sherri Scribner, senior technology analyst at Deutsche Bank.

"Valuation for Apple is a very unique thing," Scribner told CNBC's "Squawk on the Street". "It's definitely a momentum stock and we had sort of the positive momentum of the iPhone rollout, but when you think about valuation with Apple being as large as it is as a percentage of the S&P 500, it's very hard to get a market multiple."

Read More Apple, in correction territory, can recover: BTIG

Apple appears cheaper than its peers with a P/E ratio of around 13 compared with about 32 for Microsoft and Google, but Scribner noted that there may be a lack of catalysts ahead for Apple amid investor fears of a slowdown in iPhone growth.

"If you look at the last decline that they had, the P/E fell to nine to 10 times, which arguably is a very good valuation," she said.

The fact remains, however, that Apple shares entered correction territory, and have fallen 10 of the last 11 trading days.

In early afternoon trading, shares were up more than 1 percent. (Click here for the latest price.)